Binance vs. Coinbase Review

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Binance and Coinbase are leading cryptocurrency exchanges in the UAE. Binance is a top crypto exchange with well-designed platforms. It has impressive services for traders and institutions in the UAE. Binance has a versatile portfolio with 51 cryptos, including Bitcoin and Ethereum. 

Coinbase is a secure UAE exchange with intuitive platforms. It has straightforward platforms and a comprehensive portfolio. It offers Coinbase Pro, a professional platform with low trading fees and useful trading features. We recommend Coinbase for beginner and experienced UAE traders. 

Both crypto exchanges have strengths and weaknesses depending on your trading needs and experience. This article discusses the differences between Binance and Coinbase. 

Top Findings From The Binance Vs. Coinbase Review: 

Binance vs. Coinbase Review
  • Binance is a trustworthy exchange for trading digital assets. It has a $10 minimum trade and access to 51 coins. 
  • Coinbase is a secure exchange for beginner and professional traders. It has beginner-friendly tools and a straightforward account opening process. 
  • The minimum trade at Binance is $10, while at Coinbase is $2.  

Level Of Experience 

Binance is a leading exchange for traders at all levels of experience. It offers a simple-to-understand platform interface. Binance account holders get access to Instant Buy features for digital assets. It offers many payment options, including debit card transactions. This exchange doesn’t provide a native hot wallet in UAE. It encourages account holders to use the free Trust Wallet, but it supports most digital wallets. 

Coinbase is a top crypto exchange for both advanced and beginner traders. It is a beginner-friendly exchange with a versatile platform and mobile app. Coinbase is a leading decentralized exchange with a crypto wallet service. It supports many digital assets, including Bitcoin and Ethereum. Coinbase Pro is attractive for active traders and professionals. It has a competitive fee structure and premium features. 

Fees 

Binance has attractive deposit and withdrawal fees for UAE traders. It has a standard transaction fee of 0.5%. Spot trades have a competitive fee of 0.1%. Spot trading refers to trading AED for crypto coins at the current market price. A limit order lets you set a price at which you want the trade to happen. When the coin reaches that price, the trade occurs automatically. 

Coinbase has high crypto trading fees. All cryptocurrency transactions on Coinbase have a spread and a Coinbase fee. The spread is the difference between the market price and the price a trader pays for a crypto sale and buy. The cost varies based on market conditions and the coin you want to invest in. Traders pay different trading fees for funding an account and withdrawing funds. A bank account transfer has a Coinbase fee of 1.49%. A credit or debit card transaction has a 3.99% Coinbase fee. 

Assets 

Binance is a top exchange with access to many assets. It supports 50+ cryptos, including Bitcoin, Ethereum, and Ripple. It offers popular altcoins, including Cardano, Stellar, Chainlink, and Tether. 

Coinbase offers access to 50+ coins. It is a popular exchange with access to Bitcoin, Bitcoin Cash, and Ethereum. Coinbase offers other tokens, including Shiba Inu, Uniswap, and Polygon. 

Trading Platform 

Binance is a user-friendly exchange with a professional interface. It offers a mobile and desktop platform with instant buy features. It lets UAE traders buy cryptocurrencies with a debit card. We recommend this exchange to professional traders. It has flexible order types and charting tools. 

Coinbase functions 24/7 and offers different account tiers. It has a beginner-friendly trading platform with a straightforward interface. Coinbase Pro is an excellent choice for advanced traders. It has professional tools and order types. 

Safety 

Both Binance and Coinbase are secure crypto exchanges in 2022. Coinbase has a better reputation and a long track record on the market. Binance is under U.S. regulatory investigation.  

These exchanges offer two-factor authentication for all account holders. All USD balances receive insurance for up to $250,000 by FDIC. Binance offers address whitelisting and access restrictions for devices. Coinbase provides biometric restrictions on its accounts and digital wallets.  

Summary 

Both Binance and Coinbase are leading cryptocurrency exchanges in the UAE. Both exchanges have advantages and disadvantages, depending on your trading skills and experience. We recommend Binance to active traders who want access to secure crypto services. Coinbase is a good fit for traders at all levels. 

FAQ 

We review cryptocurrency exchanges with real accounts and money. We use 105 criteria, including ease-of-use and safety. Read about our system in our Methodology section. 

What Are Binance And Coinbase? 

Binance and Coinbase are digital crypto exchanges. Binance is an online exchange that supports popular cryptos. It offers a crypto wallet and active trader discounts. Coinbase is a U.S.-regulated crypto exchange that lets users invest in digital assets. It is a trustworthy exchange for UAE traders at all levels. Our in-depth reviews discuss exchanges and trading cryptos.

What Is A Cryptocurrency Exchange? 

A cryptocurrency exchange is like an online broker. It offers investment solutions for traders who want to buy, hold, and sell crypto assets. Some crypto exchanges offer storage and custody options. Others let you link an external wallet to an exchange account.

What Is A Centralized Cryptocurrency Exchange? 

A centralized cryptocurrency exchange is a private provider that offers a platform for digital trading assets. These exchanges follow strict Know Your Customer rules. Our in-depth exchange reviews offer insights on leading centralized exchanges in the UAE.

What Is A Decentralized Exchange? 

A decentralized exchange doesn’t follow the rules of any regulatory body. It acts as a single website or service, but the “servers” function across thousands of computers worldwide. If you choose a decentralized exchange, you should learn about the risks associated with it. 

Are There Any Safety Risks For Traders In The UAE? 

There are safety risks for traders in the UAE. Cryptocurrency trading is legal and safe in the UAE. But you need to use a platform or exchange with top-tier licenses. Trustworthy licenses for digital platforms are the ASIC, CySEC, and FCA. Binance and Coinbase follow strict rules and offer secure services in the UAE.

What Is The Financial Regulatory Authority For Cryptocurrencies? 

Cryptocurrencies like Bitcoin have no intrinsic value and don’t follow the rules of any financial regulatory authority. These have no tangible asset or underlying commodity. If you lose money, few countries offer access to a local Financial Services Compensation Scheme.

How To Open A Crypto Exchange Account? 

If you want to open a crypto exchange account, you should fill out the sign-up form available with the exchange. You need to submit proof of identity and residence. Some crypto exchanges request account verification. This refers to checking your identity with a third-party app or uploading a picture of your ID.

How To Withdraw Funds From An Exchange To A UAE Bank Account? 

The best way to withdraw funds from an exchange to a UAE bank account are: 
Click on the Wallet Menu and access the Funding Wallet subsection 
Choose the currency you want to withdraw 
Choose the amount of USDT you want to transfer to a Funding Wallet 
Sell your USDT via P2P 
Change the currency to AED 
Choose the Bank Transfer Option 
Choose an exchange rate and Sell USDT 
Add a funding method 
Submit your bank details 
Wait to receive a notification that your transaction was successful  


Methodology
Business24-7 aims to help those interested in cryptocurrency make safe and informed investing decisions. We are dedicated to offering our readers unbiased reviews of leading cryptocurrency exchanges for traders at all levels. Cryptocurrency exchanges are included in our reviews if they are safe, liquid, regulated by proper authority, or decentralized. 

Disclaimer
All trading involves risk. More than 80% of investors lose in spread bet and CFD trading. As these complex instruments allow for the use of leverage, there is a high risk of losing more money than you have deposited. Before attempting to participate in spread bets and CFDs, consider how well you understand them and if you can afford to lose your money.

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Braden Chase is an investor, trading specialist, and former research specialist for Forex.com who helps aspiring investors develop the confidence and habits they need to make an income from the market. Braden has served as a registered commodity futures representative for domestic and internationally-regulated brokerages and has also spoken & moderated numerous forex and finance industry panels across the globe.

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